Principal Financial Group Inc. Buys 4,099 Shares of Atlassian Co. (NASDAQ:TEAM)

Principal Financial Group Inc. lifted its holdings in Atlassian Co. (NASDAQ:TEAM - Free Report) by 61.4% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 10,770 shares of the technology company's stock after acquiring an additional 4,099 shares during the quarter. Principal Financial Group Inc.'s holdings in Atlassian were worth $1,710,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in TEAM. Asset Dedication LLC boosted its position in Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company's stock valued at $27,000 after buying an additional 108 shares during the period. Trust Co. of Vermont boosted its holdings in Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company's stock valued at $32,000 after acquiring an additional 174 shares during the period. Rothschild Investment LLC bought a new position in Atlassian during the 2nd quarter worth approximately $36,000. GAMMA Investing LLC increased its stake in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company's stock worth $37,000 after purchasing an additional 96 shares during the period. Finally, Reston Wealth Management LLC bought a new stake in Atlassian in the third quarter valued at approximately $48,000. Hedge funds and other institutional investors own 93.03% of the company's stock.

Insider Buying and Selling at Atlassian

In related news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $164.81, for a total value of $1,309,909.88. Following the completion of the sale, the chief executive officer now owns 182,804 shares of the company's stock, valued at $30,127,927.24. The trade was a 4.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the transaction, the president now directly owns 143,966 shares in the company, valued at approximately $23,482,294.26. This represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 257,694 shares of company stock worth $49,012,774. Insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TEAM. UBS Group raised their target price on shares of Atlassian from $180.00 to $205.00 and gave the stock a "neutral" rating in a report on Tuesday, October 22nd. Canaccord Genuity Group boosted their price objective on shares of Atlassian from $225.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, November 1st. Piper Sandler raised their target price on Atlassian from $225.00 to $265.00 and gave the stock an "overweight" rating in a research note on Friday, November 1st. Truist Financial boosted their price target on Atlassian from $160.00 to $200.00 and gave the company a "hold" rating in a report on Friday, November 1st. Finally, Baird R W cut shares of Atlassian from a "strong-buy" rating to a "hold" rating in a report on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Atlassian has an average rating of "Moderate Buy" and an average target price of $244.21.

Atlassian Stock Performance

Shares of Atlassian stock traded up $6.61 during trading on Friday, hitting $260.58. 2,162,105 shares of the company's stock traded hands, compared to its average volume of 2,788,458. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $262.00. The business has a 50-day simple moving average of $196.47 and a 200-day simple moving average of $177.03. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market capitalization of $67.86 billion, a P/E ratio of -171.43 and a beta of 0.71.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm posted ($0.07) EPS. The business's quarterly revenue was up 21.5% compared to the same quarter last year. As a group, analysts forecast that Atlassian Co. will post -0.56 EPS for the current year.

Atlassian Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.